With Verizon's current President and COO Denny Strigl fleeing the coop after 41 years in the telecom industry, the ILEC has decided not to hire a replacement but instead combine its residential and business units while shuffling the corporate deck. Facing increased competition from cable operators and consumers replacing their landline phones with cell phones, the service provider will create an umbrella wireline unit that will incorporate both business and residential operating units.
Although Verizon has not named a replacement for Strigl, Chairman and CEO Ivan Seidenberg will now have direct oversight of the management team. When Strigl announced last month he would retire by the end of 2009, speculation had emerged over who would be next in line for the CEO post when Seidenberg decides to retire.
Taking over the combined wireline division will be Francis Shammo, who had been serving as President of Verizon Business since last May. Shammo will oversee the combined residential and business wireline division. In addition to Shammo, Daniel Mead, who oversaw Verizon Telecom, will now become the COO of Verizon Wireless. Mead will replace Jack Plating, who announced his retirement last Friday.
For more:
- Dow Jones via the Wall Street Journal has this article
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